Wells said, "PG&E operates in what we consider to be a constructive
regulatory climate where rates are decoupled from sales volumes. We also
think it has above-average EPS growth prospects driven by investment in
renewable-focused projects and the smart grid. Plus, we think proposed
settlements in its General Rate Case and its gas transmission/storage case
reduces regulatory risk."

The valuation on PG&E Corp. was raised by Wells Fargo from $44.00 to $46.00 to $50.00 to $52.00.